By: Tomiwa Ademidun (Twitter: @tomiwa1a)
Getting started with crypto can be confusing. I’m publicly sharing my crypto playbook in case others find it useful. See bottom for important disclaimer. Summary: Don’t listen to me, do your own research.
- Make an account on Newton and Shakepay. I recommend using both for flexibility.
Interac e-transfer Canadian Dollar (CAD) from bank account into Newton and Shakepay account (source)
- Newton has lower fees (via better spreads)
- Newton verification takes a long time to work, may not work on first couple tries
- While waiting for Newton to work use Shakepay
- Shakepay also lets you send and receive CAD to people for free
- You can use my referral code: https://shakepay.me/r/3SPQFXH, https://web.newton.co/r/SC7MZM, https://www.binance.com/en/register?ref=D9K9SQNU
- Buy USDC and USDT on Newton. Buy BTC on Shakepay.
Use Dollar cost averaging and automatically set up a fixed amount to transfer from your bank account and put into crypto every week.
- Transfer crypto from Newton/Shakepay to Binance. Use Binance for trading (source)
- Use Newton and Shakepay for on/ramp and off-ramp (fiat to crypto) and account verification (uploading your photo ID, picture etc.) because they are Canadian companies.
- 70% BTC, 20% ETH. 10% Altcoins (e.g. Binance’s BNB coins)
- Important: Transfer your crypto into a cold Wallet. Use Trezor or Ledger (source)
- This is the most important step. “Not your keys, not your Bitcoin”. If you don’t have the crypto on your own cold wallet. You don’t really own it. Anything can happen to it.
- If you forget your 24 word keys your bitcoin is gone forever so make sure to keep it somewhere safe and accessible.
Do your own research. This is not investment advice. Don’t listen to me. I’m a crypto novice. I’m simply publicly documenting what I’m doing. I may change my mind about any of the things I say here at any time without notice.
Most of my research is from anonymous strangers on the internet (mostly Reddit). I’m not claiming anything I say here is true or accurate. Do your own due diligence.
Don’t day trade. Dollar Cost Average is your friend. Don’t be glued to the price daily. Focus on the long term. Only invest what you can afford. Time in the market is better than timing the market. Don’t tie your self-esteem to the price of Bitcoin.
All the cliche stuff is cliche because it works. Like Charlie Munger says, “if it’s trite, it’s right”. And like I say “Enjoy the ride”. 🚀